Niu Technologies (NIU) Balance Sheet

NASDAQ: NIUAssets, liabilities, debt and equity over 10 years.

NIU balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥2.95B assets = CN¥2.05B liabilities + CN¥905.5M equity

Both columns are drawn to the same scale: what NIU owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NIU financial health

Current ratio1.18

Adequate · current assets cover current liabilities 1.18×

Debt / equity0.71

Moderate leverage · CN¥0.71 of debt for each $1 of equity

Equity / assets30.7%

Balanced · of assets funded by shareholders

Cash / debt207.8%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.1%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NIU balance sheet trends, 2016–2025

Niu Technologies balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥388.5M2016	CN¥2.95B2025	+25.3%/yr
Total liabilities	CN¥601.7M2016	CN¥2.05B2025	+14.6%/yr
Shareholders’ equity	−CN¥213.2M2016	CN¥905.5M2025	—
Cash & short-term investments	CN¥141.2M2016	CN¥1.33B2025	+28.3%/yr
Total debt	CN¥216.3M2016	CN¥638.6M2025	+12.8%/yr
Net cash (debt)	−CN¥75.1M2016	CN¥688.7M2025	+CN¥763.7M
Working capital	−CN¥81.4M2016	CN¥357.1M2025	+CN¥438.5M
Current ratio	0.762016	1.182025	+0.42
Debt / equity	0.322018	0.712025	+0.39
Shares outstanding	10.3M2016	79.9M2025	+25.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NIU assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NIU liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NIU debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NIU balance sheet in Chinese yuan

Niu Technologies annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥1.33B	CN¥904.4M	CN¥970.1M	CN¥903.3M	CN¥1.08B	CN¥1.10B	CN¥764.8M	CN¥716.8M	CN¥197.2M	CN¥141.2M
Cash & equivalents	CN¥1.14B	CN¥630.0M	CN¥872.6M	CN¥534.3M	CN¥208.4M	CN¥227.0M	CN¥279.9M	CN¥569.1M	CN¥112.0M	CN¥91.1M
Short-term investments	CN¥191.0M	CN¥274.4M	CN¥97.6M	CN¥369.0M	CN¥869.3M	CN¥876.1M	CN¥484.8M	CN¥147.7M	CN¥85.2M	CN¥50.1M
Receivables	CN¥291.0M	CN¥335.0M	CN¥237.9M	CN¥431.0M	CN¥285.7M	CN¥113.4M	CN¥129.3M	CN¥54.4M	CN¥13.9M	CN¥32.4M
Inventory	CN¥653.0M	CN¥649.2M	CN¥392.8M	CN¥417.0M	CN¥269.6M	CN¥142.2M	CN¥178.6M	CN¥142.4M	CN¥88.2M	CN¥66.8M
Other current assets	CN¥90.1M	CN¥281.3M	CN¥159.8M	CN¥260.8M	CN¥262.9M	CN¥189.2M	CN¥238.6M	CN¥206.2M	CN¥108.4M	CN¥20.0M
Total current assets	CN¥2.36B	CN¥2.17B	CN¥1.76B	CN¥2.01B	CN¥1.90B	CN¥1.55B	CN¥1.31B	CN¥1.12B	CN¥407.7M	CN¥260.4M
Property, plant & equipment (net)	CN¥496.4M	CN¥399.9M	CN¥402.2M	CN¥485.9M	CN¥491.8M	CN¥199.0M	CN¥150.9M	CN¥41.0M	CN¥28.7M	CN¥14.1M
Goodwill & intangible assets	CN¥1.6M	CN¥1.0M	CN¥1.3M	CN¥1.9M	CN¥3.7M	CN¥54.4M	CN¥42.1M	CN¥7.7M	CN¥1.3M	CN¥2.0M
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥20.0M	CN¥35.9M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥92.7M	CN¥42.4M	CN¥25.2M	CN¥16.9M	CN¥13.8M	CN¥45.4M	CN¥6.5M	CN¥16.8M	CN¥66.0M	CN¥112.0M
Total assets	CN¥2.95B	CN¥2.61B	CN¥2.19B	CN¥2.54B	CN¥2.44B	CN¥1.85B	CN¥1.51B	CN¥1.19B	CN¥503.6M	CN¥388.5M
Liabilities
Accounts payable	CN¥704.5M	CN¥869.0M	CN¥575.7M	CN¥459.5M	CN¥538.9M	CN¥395.8M	CN¥259.0M	CN¥249.7M	CN¥124.9M	CN¥71.8M
Short-term debt	CN¥637.5M	CN¥495.6M	CN¥272.4M	CN¥484.6M	CN¥331.3M	CN¥180.0M	CN¥217.4M	CN¥180.0M	CN¥319.8M	CN¥216.3M
Deferred revenue	CN¥257.9M	CN¥86.1M	CN¥61.1M	CN¥62.5M	CN¥50.0M	CN¥61.2M	CN¥38.6M	CN¥33.2M	CN¥58.4M	CN¥17.5M
Total current liabilities	CN¥2.00B	CN¥1.65B	CN¥1.07B	CN¥1.19B	CN¥1.13B	CN¥823.3M	CN¥693.5M	CN¥597.0M	CN¥578.5M	CN¥341.8M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥7.1M	CN¥1.3M	CN¥5.4M	CN¥7.6M	CN¥13.9M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥42.3M	CN¥29.9M	CN¥24.8M	CN¥33.8M	CN¥47.6M	CN¥30.2M	CN¥25.8M	CN¥17.8M	CN¥250.4M	CN¥259.9M
Total liabilities	CN¥2.05B	CN¥1.68B	CN¥1.10B	CN¥1.23B	CN¥1.18B	CN¥853.4M	CN¥719.3M	CN¥614.8M	CN¥828.9M	CN¥601.7M
Shareholders' equity
Common stock & paid-in capital	CN¥101,357	CN¥100,865	CN¥100,347	CN¥99,744	CN¥99,354	CN¥98,502	CN¥96,471	CN¥95,959	CN¥39,948	CN¥39,948
Retained earnings (deficit)	−CN¥1.09B	−CN¥1.05B	−CN¥861.1M	−CN¥589.3M	−CN¥539.8M	−CN¥765.6M	−CN¥934.3M	−CN¥1.12B	−CN¥771.2M	−CN¥586.5M
Treasury stock	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	−CN¥18.0M	−CN¥3.1M	−CN¥9.5M	−CN¥16.5M	−CN¥51.1M	−CN¥43.0M	−CN¥12.4M	−CN¥22.8M	CN¥5.6M	−CN¥4.5M
Minority interest	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥905.5M	CN¥931.3M	CN¥1.09B	CN¥1.31B	CN¥1.26B	CN¥993.4M	CN¥791.5M	CN¥570.4M	−CN¥325.2M	−CN¥213.2M
Key figures
Total debt	CN¥638.6M	CN¥495.7M	CN¥272.7M	CN¥492.1M	CN¥345.2M	CN¥180.0M	CN¥217.4M	CN¥180.0M	CN¥319.8M	CN¥216.3M
Net cash (debt)	CN¥688.7M	CN¥408.7M	CN¥697.5M	CN¥411.1M	CN¥732.5M	CN¥923.1M	CN¥547.4M	CN¥536.8M	−CN¥122.6M	−CN¥75.1M
Working capital	CN¥357.1M	CN¥517.9M	CN¥689.7M	CN¥819.3M	CN¥766.8M	CN¥724.6M	CN¥617.8M	CN¥522.7M	−CN¥170.8M	−CN¥81.4M
Tangible book value	CN¥904.0M	CN¥930.2M	CN¥1.09B	CN¥1.31B	CN¥1.26B	CN¥938.9M	CN¥749.4M	CN¥562.7M	−CN¥326.5M	−CN¥215.2M
Shares outstanding	79.9M	79.2M	78.4M	75.4M	80.2M	78.9M	76.6M	65.8M	74.3M	10.3M
Current ratio	1.18	1.31	1.64	1.69	1.68	1.88	1.89	1.88	0.70	0.76
Quick ratio	0.81	0.75	1.13	1.12	1.21	1.48	1.29	1.29	0.36	0.51
Debt / equity	0.71	0.53	0.25	0.38	0.27	0.18	0.27	0.32	—	—
Equity / assets	30.7%	35.6%	50.0%	51.6%	51.8%	53.8%	52.4%	48.1%	−64.6%	−54.9%

Niu Technologies quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥1.48B	CN¥1.37B	CN¥1.12B	CN¥1.58B	CN¥1.23B	CN¥747.2M	CN¥904.4M	CN¥1.05B	CN¥1.14B	CN¥977.7M	CN¥970.1M	CN¥1.28B
Cash & equivalents	CN¥1.11B	CN¥1.15B	CN¥924.7M	CN¥1.09B	CN¥1.09B	CN¥540.5M	CN¥630.0M	CN¥743.3M	CN¥727.1M	CN¥900.0M	CN¥872.6M	CN¥761.8M
Short-term investments	CN¥365.1M	CN¥221.7M	CN¥190.9M	CN¥493.6M	CN¥135.0M	CN¥206.7M	CN¥274.4M	CN¥301.8M	CN¥408.2M	CN¥77.7M	CN¥97.6M	CN¥519.1M
Receivables	CN¥25.6M	CN¥37.0M	CN¥291.0M	CN¥64.5M	CN¥139.3M	CN¥106.8M	CN¥131.9M	CN¥185.5M	CN¥130.3M	CN¥88.1M	CN¥95.0M	CN¥164.1M
Inventory	CN¥724.0M	CN¥725.5M	CN¥652.6M	CN¥676.0M	CN¥718.6M	CN¥699.9M	CN¥649.2M	CN¥699.3M	CN¥603.9M	CN¥480.8M	CN¥392.8M	CN¥397.0M
Other current assets	CN¥576.5M	CN¥381.2M	CN¥300.7M	CN¥527.3M	CN¥520.0M	CN¥500.2M	CN¥484.3M	CN¥470.8M	CN¥457.7M	CN¥417.5M	CN¥302.7M	CN¥305.7M
Total current assets	CN¥2.80B	CN¥2.51B	CN¥2.36B	CN¥2.85B	CN¥2.60B	CN¥2.05B	CN¥2.17B	CN¥2.40B	CN¥2.33B	CN¥1.96B	CN¥1.76B	CN¥2.15B
Property, plant & equipment (net)	CN¥551.5M	CN¥513.3M	CN¥504.6M	CN¥463.9M	CN¥422.5M	CN¥399.5M	CN¥391.2M	CN¥385.9M	CN¥372.3M	CN¥375.3M	CN¥399.9M	CN¥424.8M
Goodwill & intangible assets	CN¥647,946	CN¥1.5M	CN¥1.6M	CN¥843,630	CN¥910,718	CN¥977,327	CN¥1.0M	CN¥1.1M	CN¥1.2M	CN¥1.2M	CN¥1.3M	CN¥1.4M
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥127.6M	CN¥110.3M	CN¥84.2M	CN¥79.1M	CN¥66.2M	CN¥53.1M	CN¥51.1M	CN¥39.3M	CN¥26.0M	CN¥32.8M	CN¥27.5M	CN¥19.7M
Total assets	CN¥3.48B	CN¥3.14B	CN¥2.95B	CN¥3.39B	CN¥3.09B	CN¥2.51B	CN¥2.61B	CN¥2.83B	CN¥2.73B	CN¥2.37B	CN¥2.19B	CN¥2.59B
Liabilities
Accounts payable	CN¥1.63B	CN¥802.6M	CN¥704.1M	CN¥1.29B	CN¥1.13B	CN¥666.4M	CN¥1.16B	CN¥1.03B	CN¥919.3M	CN¥605.3M	CN¥743.0M	CN¥751.4M
Short-term debt	CN¥220.0M	CN¥742.4M	CN¥637.5M	CN¥440.0M	CN¥500.0M	CN¥580.0M	CN¥200.0M	CN¥450.0M	CN¥450.0M	CN¥449.8M	CN¥100.0M	CN¥352.7M
Deferred revenue	—	CN¥305.9M	CN¥257.7M	CN¥271.1M	CN¥190.6M	CN¥116.2M	—	CN¥118.9M	CN¥88.2M	CN¥96.3M	—	CN¥64.8M
Total current liabilities	CN¥2.71B	CN¥2.28B	CN¥2.00B	CN¥2.36B	CN¥2.15B	CN¥1.58B	CN¥1.65B	CN¥1.81B	CN¥1.67B	CN¥1.30B	CN¥1.07B	CN¥1.34B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥2.6M	CN¥2.7M	CN¥7.1M	CN¥4.7M	CN¥5.2M	CN¥5.2M	CN¥1.3M	CN¥119,331	CN¥70,701	CN¥211,506	CN¥5.4M	CN¥3.0M
Other long-term liabilities	CN¥48.5M	CN¥42.2M	CN¥42.3M	CN¥42.4M	CN¥37.6M	CN¥35.2M	CN¥29.9M	CN¥30.7M	CN¥26.4M	CN¥24.7M	CN¥24.8M	CN¥31.7M
Total liabilities	CN¥2.76B	CN¥2.32B	CN¥2.05B	CN¥2.41B	CN¥2.19B	CN¥1.61B	CN¥1.68B	CN¥1.84B	CN¥1.70B	CN¥1.33B	CN¥1.10B	CN¥1.37B
Shareholders' equity
Common stock & paid-in capital	CN¥101,810	CN¥101,412	CN¥101,300	CN¥101,270	CN¥101,103	CN¥101,065	CN¥100,865	CN¥100,766	CN¥100,607	CN¥100,531	CN¥100,347	CN¥100,228
Retained earnings (deficit)	−CN¥1.29B	−CN¥1.18B	−CN¥1.09B	−CN¥1.01B	−CN¥1.09B	−CN¥1.09B	−CN¥1.05B	−CN¥981.8M	−CN¥940.8M	−CN¥915.9M	−CN¥861.1M	−CN¥731.0M
Accumulated other comprehensive income	−CN¥18.6M	−CN¥17.1M	−CN¥18.0M	−CN¥16.6M	−CN¥13.2M	−CN¥6.1M	−CN¥3.1M	−CN¥13.4M	−CN¥7.0M	−CN¥9.0M	−CN¥9.5M	−CN¥4.0M
Total shareholders' equity	CN¥718.1M	CN¥814.7M	CN¥904.9M	CN¥988.7M	CN¥903.6M	CN¥897.0M	CN¥931.3M	CN¥987.7M	CN¥1.03B	CN¥1.05B	CN¥1.09B	CN¥1.22B
Key figures
Total debt	CN¥222.6M	CN¥745.0M	CN¥641.4M	CN¥444.7M	CN¥505.2M	CN¥585.2M	CN¥200.1M	CN¥450.1M	CN¥450.1M	CN¥450.0M	CN¥100.3M	CN¥355.7M
Net cash (debt)	CN¥1.25B	CN¥624.2M	CN¥474.2M	CN¥1.14B	CN¥721.4M	CN¥162.1M	CN¥704.3M	CN¥595.1M	CN¥685.2M	CN¥527.7M	CN¥869.8M	CN¥925.2M
Working capital	CN¥86.9M	CN¥231.7M	CN¥356.9M	CN¥487.3M	CN¥451.7M	CN¥478.5M	CN¥517.9M	CN¥592.1M	CN¥655.2M	CN¥661.2M	CN¥689.7M	CN¥807.1M
Tangible book value	CN¥717.5M	CN¥813.2M	CN¥903.4M	CN¥987.9M	CN¥902.7M	CN¥896.0M	CN¥930.2M	CN¥986.6M	CN¥1.03B	CN¥1.04B	CN¥1.09B	CN¥1.22B
Shares outstanding	81.1M	80.8M	80.0M	82.8M	82.4M	79.7M	158.9M	78.6M	82.0M	78.9M	78.7M	78.6M
Current ratio	1.03	1.10	1.18	1.21	1.21	1.30	1.31	1.33	1.39	1.51	1.64	1.60
Quick ratio	0.55	0.62	0.70	0.70	0.63	0.54	0.63	0.68	0.76	0.82	0.99	1.08
Debt / equity	0.31	0.91	0.71	0.45	0.56	0.65	0.21	0.46	0.44	0.43	0.09	0.29
Equity / assets	20.6%	26.0%	30.7%	29.1%	29.2%	35.8%	35.6%	34.9%	37.7%	44.1%	50.0%	47.1%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 17, 2026); data from EODHD.

NIU financial position

At the end of fiscal 2025 (December 31, 2025), Niu Technologies had total assets of CN¥3.0 billion (up 13.0% from a year earlier), total liabilities of CN¥2.0 billion and shareholders' equity of CN¥905.5 million. It held CN¥1.3 billion in cash and short-term investments against CN¥638.6 million of debt, a net cash position of CN¥688.7 million. Its current ratio was 1.18. In the latest quarter (ended June 30, 2026) total assets were CN¥3.5 billion and equity CN¥718.1 million.

Related: NIU income statement, NIU cash flow statement, NIU key metrics. See the NIU stock overview for the latest quote and news.

NIU balance sheet FAQ

What are Niu Technologies's total assets?

Niu Technologies reported total assets of CN¥3.0 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥2.6 billion a year earlier.

How much debt does Niu Technologies have?

Niu Technologies had CN¥638.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.71.

How much cash does Niu Technologies have?

Niu Technologies held CN¥1.3 billion in cash and short-term investments at the end of fiscal 2025; with CN¥638.6 million of debt that is net cash of CN¥688.7 million.

What is Niu Technologies's book value?

Niu Technologies's shareholders' equity (book value) was CN¥905.5 million at the end of fiscal 2025.

What is Niu Technologies's current ratio?

Niu Technologies had current assets of CN¥2.4 billion and current liabilities of CN¥2.0 billion, a current ratio of 1.18 (it can cover its short-term obligations).

How much goodwill does Niu Technologies have?

Niu Technologies carried CN¥1.6 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.